European Union insiders say that EU finance ministers will meet next week to determine a plan of action for providing funds to help Greece cover its widening deficit. Discussions will be held to debate a scheme that would see either the sale of bonds backed by EU government, or a direct offer of loans to help cover Greece’s shortfall.
Some of the finer points to be debated include whether to develop a “formal” bailout approach to serve as the official protocol for a future budget crisis, or whether each incident should be handled independently. There is also a question as to what point should the EU intervene on the behalf of a member-country.
Source: Bloomberg